Sony Pictures Networks and Zee to Merge Creating Indian Broadcast Giant - NewsBreak

Two of the largest broadcast groups in India are to merge, it was announced on Wednesday morning local time. Publicly-listed Zee Entertainment Enterprises Limited is to merge with Sony Pictures Networks India. The merged business will be headed by Zee's Punit Goenka, but following a cash injection of $1.57 billion from Sony India's backers, the Sony shareholders will control a 53% majority stake. The move follows years of corporate turbulence at both companies and comes at a time when the massive Indian television landscape is being transformed by vastly wider access to broadband internet and the incursion of streaming video services. Sony Pictures...